Lakeland Financial Co. (NASDAQ:LKFN) announced a quarterly dividend on Tuesday, July 9th, Zacks reports. Shareholders of record on Thursday, July 25th will be paid a dividend of 0.30 per share by the financial services provider on Monday, August 5th. This represents a $1.20 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend is Wednesday, July 24th.
Lakeland Financial has increased its dividend by an average of 1.9% per year over the last three years and has raised its dividend annually for the last 7 consecutive years. Lakeland Financial has a dividend payout ratio of 39.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Lakeland Financial to earn $3.41 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 35.2%.
Shares of LKFN stock opened at $43.92 on Tuesday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.06. Lakeland Financial has a 1 year low of $37.79 and a 1 year high of $51.25. The company has a fifty day simple moving average of $45.76. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of 13.66, a P/E/G ratio of 1.35 and a beta of 0.95.
Several research firms have recently weighed in on LKFN. Boenning Scattergood restated a “hold” rating on shares of American Water Works in a research note on Thursday, May 2nd. BidaskClub lowered shares of Westport Fuel Systems from a “buy” rating to a “hold” rating in a research note on Friday. ValuEngine upgraded shares of Zumiez from a “sell” rating to a “hold” rating in a research note on Monday. Finally, Zacks Investment Research lowered shares of ExlService from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th. Three research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. The company presently has a consensus rating of “Sell” and an average target price of $52.50.
In related news, insider Batty Jill A. De sold 4,200 shares of the company’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $48.00, for a total value of $201,600.00. Following the transaction, the insider now owns 6,186 shares in the company, valued at approximately $296,928. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 4.60% of the stock is currently owned by corporate insiders.
Lakeland Financial Company Profile
Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits. Its loan products include commercial and industrial, commercial real estate and multi-family residential, agri-business and agricultural, consumer 1-4 family mortgage, and other consumer loans.
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